Axsome Therapeutics (NASDAQ:AXSM) Reaches New 52-Week High – Should You Buy?

Axsome Therapeutics, Inc. (NASDAQ:AXSM) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $101.50 and last traded at $101.07, with a volume of 301797 shares. The stock had previously closed at $90.98.

Analysts Set New Price Targets

AXSM has been the subject of a number of recent analyst reports. UBS Group decreased their price target on shares of Axsome Therapeutics from $107.00 to $105.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Bank of America upgraded Axsome Therapeutics from a “neutral” rating to a “buy” rating and upped their target price for the company from $95.00 to $106.00 in a research note on Tuesday, August 6th. Royal Bank of Canada upped their target price on shares of Axsome Therapeutics from $130.00 to $131.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Wells Fargo & Company assumed coverage on Axsome Therapeutics in a research report on Tuesday, September 3rd. They issued an “overweight” rating and a $140.00 price objective for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $107.00 price target on shares of Axsome Therapeutics in a report on Monday, September 16th. One research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Axsome Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $124.64.

Axsome Therapeutics Stock Performance

The firm has a market cap of $4.57 billion, a P/E ratio of -15.53 and a beta of 1.26. The company has a current ratio of 2.48, a quick ratio of 2.40 and a debt-to-equity ratio of 1.77. The company’s 50-day moving average is $90.31 and its two-hundred day moving average is $83.62.

Insider Activity

In other news, Director Mark E. Saad sold 11,016 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $91.31, for a total value of $1,005,870.96. Following the completion of the transaction, the director now directly owns 10,002 shares of the company’s stock, valued at $913,282.62. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 22.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Axsome Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. purchased a new stake in Axsome Therapeutics during the second quarter valued at about $27,000. EntryPoint Capital LLC purchased a new position in shares of Axsome Therapeutics in the first quarter worth about $35,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Axsome Therapeutics in the second quarter worth about $47,000. Russell Investments Group Ltd. increased its holdings in shares of Axsome Therapeutics by 5,550.0% in the first quarter. Russell Investments Group Ltd. now owns 791 shares of the company’s stock worth $63,000 after buying an additional 777 shares during the period. Finally, Covestor Ltd increased its holdings in shares of Axsome Therapeutics by 54,750.0% in the first quarter. Covestor Ltd now owns 1,097 shares of the company’s stock worth $88,000 after buying an additional 1,095 shares during the period. Institutional investors own 81.49% of the company’s stock.

About Axsome Therapeutics

Axsome Therapeutics, Inc, a biopharmaceutical company, engages in the development of novel therapies for central nervous system (CNS) disorders in the United States. The company’s commercial product portfolio includes Auvelity (dextromethorphan-bupropion), a N-methyl-D-aspartate receptor antagonist with multimodal activity indicated for the treatment of major depressive disorder; and Sunosi (solriamfetol), a medication indicated to the treatment of excessive daytime sleepiness in patients with narcolepsy or obstructive sleep apnea.